The Enforcement Directorate (ED) has provisionally attached four immovable properties valued at Rs. 45.23 Crore in connection with a bank fraud case involving M/s Associate High-Pressure Technologies Pvt Ltd (AHPTL). The attached properties comprise a land parcel worth Rs. 37.39 Crore situated in District Anjar, Gujarat, and three flats with a total value of Rs. 7.84 Crore located in Bandra, Mumbai.
These properties belong to Ramchand Kotumal Issrani, Mohamed Farouk Suleman Darvesh, and Manoharlal Satramdas Agicha, who are the promoter directors of M/s AHPTL.
Details of case
The chairman, Manoharlal Satramdas Agicha, and Ramchand Kotumal Issrani, Managing Director of M/s AHPTPL, were arrested by the ED last year and are currently in judicial custody. They are alleged to have defrauded and caused a wrongful loss of Rs 149.89 crore to a bank.
ED initiated an investigation based on an FIR registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code and the Prevention of Corruption Act against Associate High-Pressure Technologies and its directors and shareholders. The CBI registered the FIR on the complaint by Union Bank of India for defrauding them. In this case, Proceeds of Crime of Rs 149.89 Crore have been quantified by ED.
12 searches were carried out by ED in Mumbai
The investigation revealed that a substantial portion of the loan amount received from the Union of India was siphoned off through bogus Letters of Credit, unsecured loans to related entities, outstanding export proceeds, bogus commissions to related entities, along with other methods. In this case, 12 searches were carried out by ED in Mumbai, Gandhidham, and Pune, and a Prosecution Complaint has been filed by ED, naming Ramchand Kotumal Issrani and M/s AHPTL as accused.
